I won’t go much into the Freddie/Fannie bailout (Which is just the latest in a long string of bailouts by the Federal Government) — it’s too depressing and so well covered elsewhere. For that matter, I’m just going to quote a salient point by an internet friend, Rolfe Winkler, who blogs under the ml-implode umbrella at Option Armageddon:

Folks, we don’t have the money. America needs to wake up and realize that we’re already bankrupt. The proximate reason for today’s bailout was that foreigners threatened to stop buying Fannie and Freddie debt. We’ve allowed ourselves to fall so deeply in debt to foreign nations that they are now driving U.S. economic policy. The deeper into debt we go, the more power foreigners will have.

That the U.S. is at the mercy of foreign governments is covered in more detail by Brad Setser here.

There’s little more to know than this: the leaders of this country have sold you out.